Last U.S. Oil Giant in Venezuela Looks to Biden to Keep Foothold
- Chevron allowed to maintain essential operations until June
- Maduro has expressed hope for better relations under Biden
An oil tank stands at the Petropiar joint venture between Chevron and Petroleos de Venezuela.
Source: Bloomberg
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Chevron Corp.’s willingness to keep a foothold in oil-rich Venezuela will now be a thorny political issue for President-elect Joe Biden to sort out.
The U.S. Treasury Department extended until June 3 its authorization for Chevron to carry out essential transactions in the country to preserve its assets, from a previous Dec. 1 deadline. Since April, the U.S. oil giant has been barred from drilling wells or selling, buying or transporting crude and oil products in the South American nation.